For Lenders, Good Times About To Roll

April 9, 2005 | | Houston Chronicle |
We are told it's about responsibility. Not theirs, ours. That's why this week the House is likely to approve the bankruptcy reform bill, a sloppy wet kiss to the credit card industry, which has been backing the measure for almost a decade. President Bush has promised a warm embrace when the bill reaches his desk. Call it the No Lender Left Behind Act
A study released in 2003 by Demos, a nonpartisan public policy research group in New York, found that by making the minimum required payments, clearing a $5,000 balance on a card with a 15 percent interest rate would take more than 30 years.